August 25 2015

Washington, DC (August 25, 2015) – Following is the statement of Karen L. Barr, President & CEO of the Investment Adviser Association, on FinCen’s proposal for AML regulations for SEC-registered investment Advisers:

“The IAA recognizes the importance of detecting and preventing money laundering. Many advisers, particularly those affiliated with banks or broker dealers, have voluntarily implemented AML procedures. That said, the advisory business poses little risk in this area. We will be looking at today’s proposed rules with an eye toward whether the expected benefits of the proposed regulation justify its compliance costs, particularly with regard to smaller firms.”

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About Investment Adviser Association

The Investment Adviser Association (IAA) is the leading trade association representing the interests of SEC-registered investment adviser firms. The IAA’s more than 550 member firms collectively manage assets in excess of $16 trillion for a wide variety of institutional and individual investors. In addition to serving as the voice of the advisory profession on Capitol Hill and before the SEC, DOL, CFTC and other U.S. and international regulators, the IAA provides extensive compliance and educational services to its membership. For more information, visit www.investmentadviser.org or follow us on LinkedIn and Twitter.